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Any exempt charity in the UK or a unit trust whose members are all exempt charities may invest in the Fund.

It is also possible for charities from the EU to invest if they apply for exemption from HMRC.

The Fund is an unregulated collective investment scheme for the purposes of the Financial Services and Markets Act 2000 (“FSMA”) and an alternative investment fund (“AIF”) under the Directive on Alternative Investment Fund Managers (Directive 2011/61/EU) (the “AIFMD”).

The Fund is structured as an Exempt Unauthorised Unit Trust, which enables UK capital gains tax-exempt investors, such as UK charities, to pool their investment in a portfolio of properties in a tax efficient manner. An unauthorised unit trust is one that is not approved by the Financial Conduct Authority (“the FCA”) for distribution to the public in the UK and is not regulated by the FCA. Accordingly, the Fund is neither authorised nor regulated in the UK. It should be noted, however, that the Manager is authorised and regulated by the FCA.

Unlike a common investment fund, the Charity Commission does not regulate the Fund.

Investors can invest in the Fund on a monthly basis.  An application form (in hard or soft copy format available on request from the Administrator or the Manager) needs to be completed applying for an amount (by value, with a minimum of £10,000) and sent by email or post to the Administrator well in advance of the monthly cut-off time for applications of 12noon on the last working day of each month.  The Administrator will carry out all necessary due diligence and anti-money laundering checks. Subject to these checks being completed satisfactorily the application will proceed if settlement for the full amount of the investment is received:

1. for charities investing directly: by 12noon on the last working day of the month; or
2. for charities investing indirectly via a nominee company and at the discretion of the Manager: within two working days of receipt of a contract note to be issued by the Administrator on or around six working days after the dealing date.

All subscription monies are payable direct to the Fund’s subscription account held at RBS in the name of the Trustee.  Neither the Manager nor the Administrator have permission to hold client money.

The Administrator keeps a register of Unitholders (which is available for inspection on request without charge) and periodically issues holding statements to investors.

Certificates are not issued.

Charities that own suitable investment property can apply to the Manager to transfer such property ‘in specie’ in exchange for Units in the Fund. The Manager must be satisfied that the assets are consistent with the Fund’s investment criteria prior to accepting an ‘in specie’ transfer. Such property will need to be independently valued.

For other property assets that do not meet the investment criteria of the Fund, the Manager may assist in arranging a sale of the property provided the proceeds are invested in the Fund. The Manager will not receive a separate fee for performing this role.

Investors can redeem part or all of their investment in the Fund on a quarterly basis.  Formal notification (redemption form available on request from the Administrator or the Manager) must be sent to the Administrator 15 days prior to a (calendar) quarter day. In normal market conditions the redeeming investor will receive the sales proceeds within 15 working days of the end of the quarter following the quarter in which the redemption notice was served.  By way of example, a redemption notice served by 16 December will normally be settled in early April.  However, if there is sufficient cash available and it would not be prejudicial to the Fund, the Manager has discretion to pay out sooner, rather than waiting until the end of the following quarter (using the example above, early January). Gating provisions apply if:

• redemptions exceed 10% of Units;
• there is insufficient cash;
• the property valuer expresses material uncertainty about the value of 20 per cent or more of the portfolio of investments;
• we determine that there is a significant risk of Units being materially mispriced due to (i) a severe lack of liquidity in the UK property market; or (ii) a significant fall in the UK property values.

Full details of the redemption provisions are set out in the Trust Deed.

Investors will receive a copy of the annual audited report and accounts within four months of the end of each annual accounting period. Investors are entitled to attend the Fund’s Annual General Meeting, which is normally arranged shortly after publication of the annual accounts. The Manager publishes a quarterly Factsheet on the Fund’s website.

The annual report or another appropriate periodic report such as the quarterly Factsheets will disclose the following information (if applicable):

• the performance of the Fund;
• any changes to the scope of liability of the Depositary;
• loss of a financial instrument;
• changes to the maximum leverage that the Fund may employ and rights to reuse collateral security or other guarantees provided in connection with the leverage;
• total leverage of the Fund;
• new provisions concerning the liquidity management of the Fund;
• the percentage of assets of the Fund which are illiquid and therefore subject to special rules;
• an updated risk profile of the Fund and risk management systems used to manage the relevant risks and any changes to such risk management systems;
• the total amount of remuneration for the financial year paid to the Trustee, Manager and other parties where relevant;
• other disclosures required for regulatory purposes; and
• details of any preferential treatment provided to an investor.

The Manager will always act in the best interests of the Unitholders and ensure that they are treated fairly through, inter alia:

• meeting with the Unitholders;
• annual and quarterly reporting;
• the Manager engaging in active management of the Fund;
• acting in the best interests of the Fund and the Unitholders;
• ensuring investment decisions are in accordance with the Fund’s objectives, policy and risk profile;
• ensuring that the interests of any group of Unitholders are not placed above the interest of any other group of Unitholders;
• ensuring that fair, correct and transparent pricing models and valuation systems are used;
• preventing undue costs being charged to the Fund;
• taking all reasonable steps to avoid conflicts of interest and when they cannot be avoided, identify, monitor and manage those conflicts to prevent them adversely affecting Unitholders; and
• recognising and dealing with complaints fairly.

This document (“Fund Summary “) is issued by the Manager and relates to an offer to subscribe for Units in the Fund. The Manager is only acting for, and will only provide services to, the Fund (acting through its Trustee) and is not responsible for advising or providing any other investment services to recipients of this Fund Summary or any other person, or for providing them with the protections afforded to clients of the Manager under the FCA’s rules.

Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of applying for, holding and disposing of Units including the risks involved. Prospective investors should not treat the contents of this Fund Summary as advice relating to legal, taxation or other matters and, if in any doubt about an investment in the Fund, its suitability, or what action should be taken, should consult a person authorised under the FSMA and qualified to advise on investments in unregulated collective investment schemes.

The Fund is not a common investment fund which is regulated by the Charity Commission. An investor should seek its own advice with regard to an investment in the Fund.

The Fund is not authorised for the purposes of FSMA or otherwise approved by the FCA. As an unregulated scheme, the Fund cannot be marketed in the UK to the general public. This Fund Summary has been prepared as a financial promotion for regulatory purposes by the Manager for distribution to the persons mentioned in this section, and this Fund Summary may be issued or distributed in the United Kingdom by an “authorised person” (as defined in FSMA) only in circumstances in which it is exempt from the general restriction imposed on authorised persons on the promotion of unregulated collective investment schemes under section 238 FSMA.

This Fund Summary is only directed at and may only be communicated or caused to be communicated to

• Persons outside the United Kingdom in accordance with Article 8 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, as amended (“PCIS Order”) which is directed (whether from inside or outside the United Kingdom) only at persons outside the United Kingdom; or
• Persons who qualify as “Investment Professionals” under Article 14(5) of the PCIS Order; or
• Persons who are high net worth companies, unincorporated associations or the trustee of a high value trust as defined in Article 22(5) of the PCIS Order. To qualify for this exemption, bodies corporate must have a called-up share capital or net asset value of £5 million (or £500,000 if it or its parent company has more than 20 shareholders); unincorporated associations and partnerships must have net assets of at least £5 million; “high value trust” is one where the aggregate value of the trust’s assets (before deduction of liabilities) is £10 million or more or has been £10 million or more at any time during the year immediately preceding receipt of this Fund Summary; or
• Persons who qualify as “Certified Sophisticated Investors” as defined in article 23 of the PCIS Order, being a person (the “investor”) with a certificate signed by an authorised person (such as a financial adviser) which confirms that the investor is sufficiently knowledgeable to understand the risks associated with participating in unregulated schemes, and where the investor has signed a statement in a form substantially as set out in Article 23(1)(b) of the the PCIS Order; or
• Any other person to whom it may otherwise lawfully be communicated, including, where the communicator is an authorised person, those persons listed as exempt in Chapter 4.12, ‘Restrictions on the Promotion of Non-Mainstream Pooled Investments’, in the FCA’s Conduct of Business Sourcebook (each such person being an “Exempt Person”).

In accordance with a waiver granted by the FCA the restrictions in Chapter 4.12.3 do not apply provided that the recipient of the promotion is a person who is eligible to participate or invest in an arrangement constituted under section 96 or 100 of the Charities Act (2011) or section 25 of the Charities Act (Northern Ireland) 1964.

The Fund is only available for investment by Exempt Persons. By accepting and not immediately returning this Fund Summary, recipients in the UK warrant that they are an Exempt Person. If you do not have professional experience in matters relating to investments or are not an Exempt Person, you should not rely on this document. Buying the Units to which this document relates may expose an individual to a significant risk of losing all of the amount invested. If you are in any doubt about the investment to which this document relates you should consult an authorised person that specialises in advising on investments.

Recipients of this Fund Summary may not forward or distribute copies of it to any person, with the exception of any recipients who are authorised persons under the FSMA who may forward or distribute copies of it as permitted by and in accordance with rules issued by the FCA under FSMA.

The distribution of this Fund Summary and the offering of Units may be restricted or inappropriate in certain jurisdictions. It is the responsibility of any person in possession of this Fund Summary and any persons wishing to apply for Units pursuant to this Fund Summary to inform themselves of, and to observe, all applicable laws and regulations of any relevant jurisdictions.

This Fund Summary does not constitute an offer or solicitation by or to anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified so to do or to anyone to whom it is unlawful to make such an offer or solicitation. The attention of prospective investors is drawn to the fact that the Fund is likely to exist on a long-term basis and Units in the Fund will not be quoted on any recognised or designated investment exchange and, accordingly, there will not be an established or ready market in them. Units may only be redeemed in certain circumstances and this may be limited in certain circumstances and so investment in the Fund will therefore not be easily realisable.

Statements and projections made in this Fund Summary are based on the interpretation of law and practice in force in the United Kingdom as at the date hereof and are subject to changes in those laws and practice.

No person is or has been authorised in connection with the Fund and the Units to give any information or to make any representation not contained in this Fund Summary and, if given or made, such information or representation must not be relied upon as having been authorised by or on behalf of Swiss Life Asset Managers UK Limited.

This Fund Summary contains certain summarised information from the Trust Deed which governs the Fund. Such summarised information is not definitive and should not be relied upon. Reference should be made to the Trust Deed in all such cases.

Neither Swiss Life Asset Managers UK nor any of its associates, directors, employees, partners or advisers makes any express or implied representation or warranty as to the accuracy or completeness of the Fund Summary, nor is any such person under any obligation to update the Fund Summary or correct any inaccuracies or omissions in it which may exist or become apparent. Notwithstanding anything to the contrary in this Important Information notice, liability for any statement, representation or warranty made fraudulently shall not be limited.

The Trustee has not separately verified the information contained in this Fund Summary. The Trustee does not make any representation, warranty, or undertaking, express or implied, and no responsibility is accepted by it for the accuracy or completeness of any information contained in this Fund Summary or any other information supplied in connection with the Fund.

Prospective investors should note that most of the protections under FSMA do not apply to the Fund and that neither the Financial Ombudsman’s Scheme nor compensation under the Financial Services Compensation Scheme may be available to investors in the Fund.

Swiss Life Asset Managers UK Limited is authorised and regulated by the Financial Conduct Authority. It is entered into the FCA’s register (https://register.fca.org.uk) with number 229228.

Investment in the Fund carries risk and investors could lose the whole of their investment. There can be no assurance that the investment objective will be achieved and investment results may vary over time. Investment in the Fund may not be suitable as a short-term investment. The Fund is not intended to be a complete investment programme for any investor. Prospective investors should carefully consider whether an investment in the Fund is suitable for them in light of their circumstances and financial resources. Your attention is drawn to the section headed “Risk factors” (above).